Connecticut-based banks ranked in the middle of the pack for customer satisfaction

By Luther Turmelle

Updated
12:29 pm EDT, Wednesday, May 2, 2018

Two of Connecticut’s home-grown banks had a mixed showing in J.D. Power’s 2018 Retail Banking satisfaction study for New England.

Waterbury-based Webster Bank finished with a score slightly above the regional average for New England. People’s United, which is headquartered in Bridgeport, scored just below the regional average as determined by J.D. Power and Associates, a California-based marketing company that studies customer service satisfaction.

Webster finished sixth in the region in terms of satisfaction while People’s United finished seventh. Of the banks mentioned in the study that have Connecticut locations, T.D. Bank finished first and was fourth overall among all banks in New England.

KeyBank finished in last place among the 12 banks listed in the study.

Paul McAdam, senior director of J.D. Power’s banking practice, said the study shows that banking customers are demanding that their needs “are being met regardless of what (delivery) channel they are using.”

“Robust digital offerings from some of the nation’s largest banks have helped them grow their customer bases, but the study reveals that customers who use exclusively online or mobile banking channels are the least satisfied with their banks’ service quality,” McAdam said in a statement. “Right now, retail banks need to address the growing ‘digital divide’ that is emerging within their customer bases. Successfully navigating that transition will require a combination of providing better, more personalized advice that is consistent across both digital and branch interactions.”

Officials with People’s United and KeyBank were not immediately available Tuesday for comment on the J.D. Power study findings. Alice Ferreira, a Webster Bank spokeswoman, said customers can have confidence the company “remains committed to creating a superior customer experience.”

“Our Webster bankers strive every day to truly understand our customers’ needs and respond with the right solutions to help individuals, families and businesses achieve their financial goals,” Ferreira said.

John Carusone, president of the Bank Analysis Center, a Hartford-based industry consulting firm, said the study will be used by “to put banks in their best possible light.”